G20 finance ministers are currently engaged in discussions regarding proposals to tax the super-rich. The discussions, which are taking place in Rio de Janeiro, Brazil, are expected to result in a deal that calls for individual nations to strengthen their own measures rather than implementing unified regulations. The draft declaration emphasizes the need to effectively tax ultra-high-net-worth individuals in order to address wealth and income inequalities. The discussions at the G20 finance ministers' meeting will lay the groundwork for further talks during the G20 summit scheduled for November. Notably, the United States and Germany have expressed skepticism about the necessity of a global agreement on taxing billionaires, while France, Spain, South Africa, Colombia, and the African Union have expressed support for such a deal. French economist Gabriel Zucman has welcomed the consensus among G20 countries on taxing the super-rich. US Treasury Secretary Janet Yellen and Brazilian Economy Minister Fernando Haddad have also announced a partnership on climate protection during the meeting. The G20 has faced challenges in drafting joint communiques due to divisions among member states. International Monetary Fund chief Kristalina Georgieva praised the G20's position on 'tax fairness.' [49d77baa]
G20 nations have agreed to work together to make the super-rich pay their taxes, but stopped short of a more substantial deal. The initiative is a key priority for Brazilian President Luiz Inacio Lula da Silva, who heads this year’s grouping, which includes the world’s major economies, the European Union, and the African Union. The final statement represents a compromise on a topic that divided member states. The United States and Germany dismissed the need for a global deal on taxing billionaires, an initiative which is backed by France, Spain, South Africa, Colombia, and the African Union. French economist Gabriel Zucman, who authored a report on taxing the rich, welcomed the fact that 'for the first time in history, there is now a consensus among G20 countries that the way we tax the super-rich must be fixed.' [c5701892]